Half-yearly Report

In the six month period to the 30th June, 2014, the net asset value of
your fund increased to 59p per share. This was an improvement of 7.27%
over the period, whereas the FTSE AIM Allshare declined by 7.68%.

In May, 2013, the company bought back 10% of its shares at a price of
46.1p, thus giving shareholders the opportunity to dispose of some of
their holding at a price that more fully reflects the underlying asset
value. It is the Board’s wish to carry out further buy backs, where
possible, in the future.

Since June, the Aim market has declined further as the Market digested
news of the tensions in the Ukraine and Russia, and Israel and Gaza.
Whilst the IPO frenzy at the start of the year started to wane due to
too many new and secondary issues coming to the market at ever more
stretching valuations.

That said, your fund has remained steady with the net asset value
increasing slightly to 60.25p as of 27th August 2014. This increase is
after paying a 1.25p dividend.

We remain cautious in our approach and hope to report further progress
at the time of the preliminary results.

Geoff Gamble

27 August 2014

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Balance Sheet

Interim Accounts

Final Accounts

Interim Accounts

as at 30 June 2014

as at 31 December 2013*

as at 30 June 2013

£'000

£'000

£'000

£'000

£'000

£'000

Fixed Assets

Investments

2,991

3,028

2,484

Current Assets

Sundry debtors

-

-

-

Uninvested cash

413

413

129

129

318

318

Current Liabilities

Creditors: amounts due

within one year

(8)

(17)

(7)

3,396

3,140

2,795

Capital and Reserves

Share capital

569

569

632

Share premium

57

57

57

Capital Redemption Reserve

63

63

-

Capital reserve - realised

(968)

(1,032)

(1,358)

Capital reserve - unrealised

2,273

2,075

1,689

Revenue reserve

1,402

1,408

1,775

3,396

3,140

2,795

Asset Value per share

59p

55p

44p

*Audited accounts

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Income Statement

(incorporating the revenue account)

6 month period ended 30 June 2014

Year to 31 December 2013*

6 month period ended 30 June 2013

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains on investments

Realised

-

117

117

-

240

240

-

17

17

Unrealised

-

158

158

-

500

500

-

-

-

Income

10

-

10

30

-

30

14

-

14

Investment management fees

(4)

(13)

(17)

(8)

(22)

(30)

(4)

(11)

(15)

Other expenses

(12)

-

(12)

(56)

-

(56)

(26)

-

(26)

Return on ordinary activities

(6)

262

256

(34)

718

684

(16)

6

(10)

Tax on ordinary activities

-

-

-

-

-

-

-

-

-

Return on ordinary activities

after taxation

(6)

262

256

(34)

718

684

(16)

6

(10)

Return per ordinary share in pence

(0.11)

4.61

4.50

(0.56)

11.95

11.39

(0.25)

0.10

(0.15)

*Audited Accounts

All revenue and capital items in the above statement derive from
continuing operations.

The company has only one class of business and derives its income
from investments in shares and securities, and

from bank and money market funds.

The weighted average number of shares in issue during the period was
5,687,595

New Century AIM VCT2 plc

For the six months to 30th June 2014

Unaudited Cash Flow Statement

6 month period ended 30 June 2014

Year to 31 December 2013*

6 month period ended 30 June 2013

£'000

£'000

£'000

£'000

£'000

£'000

Operating activity: Net cash outflow

(38)

(77)

(41)

Returns on investments

Interest received

-

2

2

Investment income

10

10

28

30

12

14

Taxation

-

-

-

Dividend paid

-

(57)

-

Financial investment

Sale of investments

416

1,179

286

Purchase of investments

(104)

312

(1,010)

169

(296)

(10)

Net cash inflow / (outflow) before financing

284

65

(37)

Share repurchase

-

(291)

-

284

(226)

(37)

Increase / (decrease) in uninvested cash with broker

284

(226)

(37)

*Audited Accounts

New Century AIM VCT2 plc

For the six months to 30th June 2014

Investment Portfolio

Security

Cost

Valuation

%

%

30 June 2014

Cost

Valuation

Qualifying Investments

2,806,485

2,438,830

71.62

71.63

Non-qualifying Investments

698,555

552,375

17.83

16.22

Uninvested funds

413,495

413,495

10.55

12.15

3,918,535

3,404,700

100.00

100.00

Qualifying Investments

AIM Quoted

Marechale Capital plc

151,504

30,000

3.87

0.88

Sinclair Pharma plc

183,285

217,000

4.68

6.37

HML Holdings plc

271,350

330,000

6.92

9.69

Sport Media Group plc

125,625

-

3.21

0.00

Environ Group plc

334,125

-

8.53

0.00

Kurawood plc

150,750

-

3.85

0.00

Corac Group plc

160,062

52,356

4.08

1.54

Tristel plc

82,547

158,000

2.11

4.64

Advanced Computer Sofware

55,526

373,750

1.42

10.98

Cyan Holdngs plc

204,219

32,840

5.21

0.96

M.Winkworth plc

56,280

112,000

1.44

3.29

Green Compliance plc

33,668

670

0.86

0.02

Angel Biotech Holdings

57,782

-

1.47

0.00

Music Festivals plc

45,731

-

1.17

0.00

Inspired Energy plc

50,462

189,000

1.29

5.55

Microsaic Systems

36,690

43,750

0.94

1.28

Eco City Vehicles

34,676

23,000

0.88

0.68

Venn Life Sciences

125,628

79,167

3.21

2.33

DP Poland

25,631

17,000

0.65

0.50

Modern Water

50,256

31,000

1.28

0.91

Quixant

9,247

33,600

0.24

0.99

Blur Group

6,785

4,005

0.17

0.12

Keywords Studios

25,162

31,950

0.64

0.94

Sanderson Group

15,204

18,975

0.39

0.56

Cloudbuy plc

33,168

37,000

0.85

1.09

PHSC

50,256

56,000

1.28

1.64

EU Supply

19,422

27,360

0.50

0.80

Plastics Capital

33,168

44,550

0.85

1.31

Daily Internet

30,153

40,000

0.77

1.17

Litebulb Group

51,008

72,500

1.30

2.13

Eclectic Bar

35,379

38,500

0.90

1.13

Kalibrate Technologies

27,975

39,106

0.71

1.15

Syqic

26,546

26,836

0.68

0.79

Outsourcery

28,143

7,000

0.72

0.21

Martinco

50,253

62,500

1.28

1.84

New Century AIM VCT2 plc

For the six months to 30th June 2014

Investment Portfolio (continued)

Solid State

35,248

56,515

0.90

1.66

Audioboom Group

30,153

100,000

0.77

2.94

Scholium Group

40,203

34,000

1.03

1.00

Rosslyn Data

23,219

18,900

0.59

0.56

Total qualifying investments

2,806,485

2,438,830

71.62

71.63

Non Qualifying Investments

AIM Quoted

Eco City Vehicles

15,671

3,050

0.40

0.09

Sanderson Group

18,717

31,050

0.48

0.91

Rotala plc

47,884

63,600

1.22

1.87

Tristel plc

60

79

0.00

0.00

Advanced Computer Sofware

168

345

0.00

0.01

Green Compliance plc

2

0

0.00

0.00

China Food Co plc

31,547

5,500

0.81

0.16

Learning Technologies

88,162

82,530

2.25

2.42

Nature Group

21,309

12,000

0.54

0.35

Gable Holdings

6,238

20,750

0.16

0.61

Litebulb Group

21,897

45,000

0.56

1.32

Sorbic International

10,205

8,700

0.26

0.26

TLA Worldwide plc

26,975

39,000

0.69

1.15

Driver Group

8,992

10,400

0.23

0.31

Mobile Tornado

10,124

8,500

0.26

0.25

API Group

8,070

8,100

0.21

0.24

Eco Animal

11,460

10,020

0.29

0.29

Mar City

10,053

14,875

0.26

0.44

Minds & Machines

10,254

8,500

0.26

0.25

347,788

371,999

8.88

10.93

UK Listed

Investec

169,416

88,750

4.32

2.61

British American Tobacco

22,104

34,780

0.56

1.02

Imperial Tobacco

23,759

26,300

0.61

0.77

Greene King

9,964

10,538

0.25

0.31

Waterman Group

9,926

9,100

0.25

0.27

Servelec

5,040

7,308

0.13

0.21

240,208

176,776

6.13

5.19

Unlisted Investments

Merchant House14%

45,228

-

1.15

0.00

Merchant House14%

45,228

-

1.15

0.00

Merchant House 10%

20,103

3,600

0.52

0.11

110,559

3,600

2.82

0.11

Total non-qualifying investments

698,555

552,375

17.83

16.22

New Century AIM VCT2 plc

Notes to the Accounts

1

This interim financial information and the unaudited interim
accounts for the six months to 30 June 2014 from

which it has been extracted, are the responsibility of the directors
and were approved by them on 27 August 2014,

do not constitute statutory accounts within the meaning of Section
434 of the Companies Act 2006 and have

not been delivered to the Registrar of Companies.

2

The Company is an investment company as defined in Section 833 of
the Companies Act 2006. The accounts

have been prepared under the historical cost convention, modified to
include the revaluation of fixed asset

investments, and in accordance with applicable accounting standards
in the UK and with the Statement of